3 Ethereum Altcoins Outperforming Solana Today

Ethereum has seen slow growth amid the recent market crash, and partly fueled by the fading expectation of SEC approving Ethereum ETFs in may. ETH has experienced losses by 15% in the past week, facing resistance at $3,550, with Bitcoin also making a substantial pullback. Despite this downtrend, some Ethereum-based cryptocurrencies have shown significant growth in the past day, outshining Solana. SOL has also struggled in the past week, declining in value by 22%. Having recovered slightly by 0.96% over the past day, let’s delve into Ethereum aoutperforming Solana today.

Ethereum Altcoins Outperforming Solana

Immutable X (IMX), ApeCoin (APE), and Axelar (AXL) are Ethereum-based cryptocurrencies, outshining Solana (SOL) today.

1. Immutable X (IMX)

Founded in 2021, Immutable is the first layer-two scaling solution for NFTs on Ethereum, eliminating limitations like low scalability, poor user experience, illiquidity, and slow developer experience. Users can enjoy instant trading, massive scalability, and zero gas fees for minting and trading NFTs without compromising security.

With this technology, users can create and distribute assets like ERC-20 and ERC-721 tokens on a large scale. Gods Unchained’s game Director praised Immutable for enabling a new meta-system, aiming to provide a top-notch experience for users and developers.

Immutable X (IMX) is currently priced at $1.95, showing a 5.59% increase in the last day. The market cap is approximately $2.79 billion, ranking it 40th, according to CoinMarketCap. The 24-hour trading volume is $69.9 million, indicating a decrease of 9.73%. Although the 1-day performance is positive, the token has seen declines over 7 and 30 days. With 71.56% of the total supply in circulation, IMX’s price has dropped 79.44% from its all-time high of $9.50.

Recently, Immutable X announced having received 100,000 new signups for immutable passport wallet. 80% came from partnerships with Kokodi Game and Illuvium, both launching soon. Immutable has signed over 300 games and expects gaming adoption to grow on Ethereum.

This could lead to increased demand for the IMX token as more users engage with the platform and its ecosystem.

2. ApeCoin (APE)

ApeCoin is an ERC-20 token in the APE Ecosystem, allowing decentralized community building through governance and voting via the ApeCoin DAO framework. The APE Foundation oversees approved proposals and fund usage.

ApeCoin (APE) currently has a price of $1.21, showing a 4.84% increase in the last day with a market cap of around $734 million. The 24-hour trading volume is approximately $61 million, indicating a 21.28% increase from the previous period, with a volume/market cap ratio of 8.30%.

Despite a positive 1-day performance, APE has seen declines of -25.93% in the past 7 days and -34.58% in the last month. The circulating supply is 604.9 million out of a total supply of 1 billion APE. The token’s all-time high was $39.40 on March 17, 2022, now down by 96.92%.

ApeCoin’s market performance shows recent positivity but also long-term volatility and a decline from its peak.

APE’s utility is set to expand through new governance proposals, including creating game-focused DAOs and exclusive vaults for APE holders. ApeChain proposes using APE as a gas token and supporting asset-related applications. Despite new holders, growth did not meet expectations. ApeCoin DAO partnered with a Formula One team to attract more holders. The DAO approved building ApeChain on Arbitrum, expanding utility in GameFi DAOs. Community engagement is increasing with more votes per proposal, aiming for greater decentralization and governance participation.

3. Axelar (AXL)

Axelar offers secure cross-chain communication for Web3 through a decentralized network and tools. Builders of decentralized applications can benefit from seamless cross-chain communication with Axelar’s protocol suite, tools, and APIs. The project includes a decentralized network, a software development kit, and gateway smart contracts for cross-chain connectivity.

Powered by a network of validators, Axelar allows anyone to join, build, or use it with a proof-of-stake consensus mechanism for network security. AXL is the native token, and the protocol supports the cross-chain transfer of various native tokens like AVAX, ETH, FTM, GLMR, and MATIC. Axelar has received investments from top investors like Binance, Coinbase Ventures, and others.

Axelar (AXL) is currently being traded at $1.17, experiencing a 5.78% increase in the past day, indicating a short-term optimistic outlook. Its market cap is $741 million, positioning it at 99th in the market. The trading volume within 24 hours is currently at $38.8 million, showing an increase of 10.47%.

Axelar experienced a decrease of 14.11% in the last week and 31.35% in the last month, showing a continuing negative trend. The circulating supply of AXL is 632.6 million out of a total of 1.145 billion AXL, and the maximum supply is not specified. On March 1, 2024, it reached its highest point ever at $2.66, followed by a 56.2% drop.

Conclusion

Despite Ethereum’s slow growth amid the market crash and fading expectations of SEC-approved Ethereum ETFs, certain Ethereum-based altcoins have shown significant potential. Immutable X (IMX) demonstrates promise with its partnerships and growing gaming adoption, which may lead to increased demand for its token. ApeCoin (APE) has shown recent positivity despite long-term volatility, with expanding utility through new governance proposals. Axelar (AXL) offers secure cross-chain communication for Web3, experiencing a short-term optimistic outlook but facing a negative trend over the last month. Overall, these Ethereum altcoins present opportunities for growth and innovation in the crypto space, particularly in gaming and Web3 applications.

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